Directorate Change

Pathfinder Properties PLC
26 March 2002

For immediate release                                    25 March 2002



                   ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE

                   Pathfinder Properties PLC ('the Company')

                         Announcement of Board changes:

Sir Christopher Leaver, who will shortly be 65 years old, has decided to retire
as non-executive Chairman of the Company with immediate effect.

The Board are pleased to announce the appointment, from today's date, as
non-executive Chairman in Sir Christopher's place, of Mr. John Parry. Mr. Parry
is currently non-executive Chairman of Pathfinder Recovery 1 PLC, the Company's
95% owned subsidiary.

Mr. Parry, aged 67, is a chartered surveyor. He is a past Managing Director of
Hammerson Property Investment & Development Corporation plc and was President of
the British Property Federation in 1992-3. He is a Board Member and an Honorary
Fellow of the College of Estate Management, Reading, and was a founding Director
of London First.

Details of Mr. Parry's current and past directorships are as follows:

Current directorships                      Past directorships (within 5 years)

Asset (Bournemouth) Limited                Asda Property Holdings Limited
Cem Course Limited                         Asset Corporation Limited
College of Estate Management *             Asset (Bournemouth) Limited
Douglas Haig Homes (Morden) **             Centros Properties Limited
Pathfinder Recovery 1 PLC                  English & Overseas Properties PLC
Pathfinder Recovery Ventures Limited       Oriel Leisure Limited
Pathfinder (Loch Lomond) Limited           Pathfinder Recovery 2 PLC
State Corporation Limited

*     Board Member

**     Trustee


Mr. Parry was a director of Asset Corporation Limited, a property services
company, which went into liquidation on 8 December 2000. The estimated
deficiency as regards unsecured creditors is an amount not exceeding £200,000.


Save as aforesaid, there are no other matters which are required to be announced
with regard to Mr. Parry's appointment as outlined under paragraph (f) of
Schedule 2 of the AIM rules.


The Board also announces that the Company expects to release its results for the
year ended 31 December 2001 within the course of the next two months.


Enquiries:


Malcolm Bacchus - Pathfinder Properties PLC     020 7736 9669

Robert Lo - Nabarro Wells & Co. Limited          020 7710 7407

David Nabarro - Nabarro Wells & Co. Limited      020 7710 7409



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